Gender Pay Report
This report goes beyond the statutory report requirement and provides additional voluntary context concerning gender pay at Wealmoor and what actions management will take to respond to the gender pay gap issues disclosed in this report.
Wealmoor Ltd has always believed in the importance of equality of rights and opportunities and supports gender pay gap reporting. However, like many organisations Wealmoor appreciates the broader challenges faced by society and organisations that impact women in the workplace.
While the Equal Pay Act (1970) and the Equality Act (2010) prohibit unequal treatment of men and women in terms of pay and conditions that do the same or similar jobs, gender pay considers the difference between the gross hourly earnings of men and women across the organisation. All companies that employ 250 or more staff must publish their gender pay gap under new UK legislation that was passed in April 2017. Employers are required to provide the gap in pay between women and men on a mean basis (average hourly salary) and a median basis (the salary value in the midpoint of the pay distribution) also reported as hourly pay.
Furthermore, employers must show the distribution of gender pay by splitting their workforce into four groups while showing the number of women and men in each group (i.e. gender pay distribution by quartiles).
Finally, employers must also reveal percentages of employees receiving bonuses and the gender pay gap of these bonuses.
What is gender pay showing?
The gender pay gap shows the difference between men and women’s earnings across the business by showing women’s pay as a percentage of men’s pay. As mentioned in our introduction, this is different to equal pay, which refers to men and women receiving equal pay for equal work.
The gender pay gap at Wealmoor
This gender pay gap report is based on data as at 5 April 2018. On this date, Wealmoor Ltd employed 586 relevant employees of which 251 (43%) were women and 335 (57%) were men.
The table below shows our gender pay gap as a percentage in both median and mean pay for 2017 and 2018.
The overall gender pay gap as at 5 April 2018 at Wealmoor is 6.78% on a median basis (and 19.93% on a mean basis).
While our mean gender pay gap has reduced, our median gender pay gap has increased to 6.78%. Through our analysis, we know that this is driven primarily by a higher proportion of men in more senior roles despite a higher proportion of middle senior level women hires. We fully appreciate that we must make progress in this area and we’re confident that we’re taking the right steps for both internally and externally to help us close our gender pay gap and achieve real meaningful and permanent change.
We are pleased that are mean gender pay gap is reducing. Our median gender pay gap has increased however we are significantly below the UK median (17.9% - Source: Office of National Statistics) Wealmoor is committed to closing it.
The reality that there are more women in the lower quartiles at Wealmoor is largest contributor to the overall gender pay gap. Like many businesses, another significant factor impacting the gender pay gap at Wealmoor is lower number of women than men in senior roles. This issue of a structural demographic pay gap has been acknowledged widely by government and transcends most sectors and industries in the UK.
The chart below sets out the gender profile by pay quartiles. Each quartile has an equal number of employees with the fourth quartile have the highest paid employees and the first quartile having the lowest paid employees.
After analysing our data, women are well represented in the first and second quartiles which account for our operational workforce. However, like many organisations we face the challenge of fewer women in more senior positions.
Bonus pay gap
The images below show the percentage of male and female employees who received a bonus payment at Wealmoor and the percentage difference in bonus amount between them for the year ending 5 April 2017 in comparison to the year ending 5 April 2018.
Average bonus Gender Pay Gap as a median has worsened due to the higher number of male employees in senior positions. On the other hand average bonus Gender Pay Gap as a mean average is more than 66% in favour of women due to the higher bonus award paid to women.
Overall all bonus payments have been curtailed hence the lower proportion of both men and women receiving bonus payments. The impact on women is greater due to significantly more women employed in Q1 and Q2 than Q3 & Q4. While contractual bonuses are issued to a very small number of employees, this year discretionary, non-contractual company-wide bonus payments were not awarded.
While the mean Bonus Gender Pay Mean is encouraging, we fully appreciate that we have work to do in this area, and our data and analysis shows that our gender bonus gap is primarily driven by a higher proportion of men in more senior roles which typically have a higher bonus opportunity.
If we are to close the gender pay gap then it will only be done through collaborative, targeted and consistent actions. We are passionate about ensuring our business is a rich, diverse and fair environment that appeals to everyone. Gender equality and gender pay parity are high on our agenda and as such we are committed to continuing with the following targets and actions:
- To maintain at least 50% women on our Executive Board
- To have at least 30% women in our Senior Management Team by 2020
Actions to attract, support, develop and empower women in our workforce
- To aim for at least 50% female candidates on recruitment shortlists for middle-management and senior level roles
- To aim for at least 30% female delegates on our management and leadership programmes
- Review of our maternity pay and introduction of a shared parental leave policy to better support parents in the early stages of their babies’ life and to allow a greater degree of flexibility in the way they care for their children
- We will create a special forum for future aspiring talent and current female leaders to understand and address common challenges and to develop skills
- Every member of the senior management team will mentor high-potential female colleagues
- We will review our current job structures to identify ways in which we can create more flexible positions that will be more
accommodating to female employees
I confirm that Wealmoor’s gender pay calculations are accurate and meet the requirements of the Regulations and our methodology and data are in line with the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.